Question 1
Santana Rey created Business Solutions on October 1,2011. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts includes the account number used for each account and any balance as of December 31,2011. Santana Rey decided to add a fourth digit with a decimal point to the 106 account number that had been used or the single Accounts Receivable account. This change allows the company to continue using the existing chart of accounts. No. Account Title Dr. Cr. 101 Cash $48,372 106.1 Alex's Engineering Co. 0 106.2 Wildcat Service 0 106.3 Easy Leasing 0 106.4 IFM Co. 3,000 106.5 Liu Corp. 0 106.6 Gomez Co. 2,668 106.7 Delta Co. 0 106.8 KC.Inc. 0 106.9 Dream.Inc. 0 119 Merchandise Inventory 0 126 Computer supplies 580 128 Prepaid insurance 1,665 131 Prepaid rent 825 163 Office equipment 8,000 164 Accumulated depreciation - office equipment $400 167 Computer equipment 20,000 168 Accumulate depreciation - Computer equipment 1,250 201 Accounts payable 1,100 210 Wages payable 500 236 Unearned computer service revenue 1,500 301 S.Rey,Capital 80,360 302 S.Rey,Withdrawals $0 403 Computer service revenue 0 413 Sales 0 414 Sales returns and allowances 0 415 Sales discounts 0 502 Cost of goods sold 0 612 Depreciation expense - office equipment 0 613 Depreciation expense - Computer equipment 0 623 Wages expense 0 637 Insurance expense 0 640 Rent expense 0 652 Computer supplies expense 0 655 Advertising expense 0 676 Mileage expense 0 677 Miscellaneous expenses 0 684 Repairs expense-computer 0 In response to requests from customers, s.Rey will begin selling computer software.The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts ( Nos.119,413,414,415 and 502) and added to its general ledger to accommodate the company's new merchandising activities. Also,Business Solutions does not use reversing entries and, therefore, all revenue and expense accounts have zero beginning balances as of January 1,2012. Its transactions for January through March follow: Jan.4 The company paid cash to Lyn Addie for five days' work at the rate of $125 per day. Four of the five days relate to wages payable that were accrued in the prior year. Jan.5 Santana Rey invested an additional $25,000 cash in the company. Jan.7 The company purchased $5,800 of merchandise from Kansas Corp. with terms of 1/10,n/30 FOB shipping point, invoice dated January7. Jan.9 The company received $2,668 cash from Gomez Co.as full payment on its account. Jan.11 The company completed a five-day project for Alex's Engineering Co.and billed it $5,500, which is the total price of $7,000 less the advance payment of $1,500. Jan.13 The company sold merchandise with a retail value of $5,200 and a cost of $3,560 to Liu Corp,invoice dated January 13. Jan.15 The company paid $600 cash for freight charges on the merchandise purchased on January 7. Jan.16 The company received $4,000 cash from Delta Co. for computer services provided. Jan.17 The company paid Kansas Corp.for the invoice dated January7, net of the discount. Jan.20 Liu Corp. returned $500 of defective merchandise from its invoice dated January 13. The returned merchandise ,which had a $320 cost, is discarded.(The policy of Business Solutions is to leave the cost of defective products in cost of goods sold) Jan.22 The company received the balance due from Liu Corp.net of both the discount and the credit for the returned merchandise. Jan.24 The company returned defective merchandise to Kansas Corp, and accepted a credit against future purchases.The defective merchandise invoice cost, net of the discount, was$496. Jan.26 The company purchased $9,000 of merchandise from Kansas Corp.with terms of 1/10,n/30,FOB destination, invoice dated January 26. Jan.26 The company sold merchandise with a $4,640 cost for $5,800 on credit to KC, Inc., invoice dated January 26. Jan.29 The company received a $496 credit memorandum from Kansas Corp. concerning the merchandise returned on January 24. Jan.31 The company paid cash to Lyn Addie for 10 days' work at $125 per day. Feb.1 The company paid $2,475 cash to Hillside Mall for another three months' rent in advance. Feb.3 The company paid Kansas Corp. for the balance due,net of the cash discount, less the $496 amount in the credit memorandum. Feb.5 The company paid $600 cash to the local newspaper for an advertising insert in today's paper. Feb.11 The company received the balance due from Alex's Engineering Co.for fees billed on January 11. Feb.15 Santana Rey withdrew $4,800 cash from the company for personal use. Feb.23 The company sold merchandise with a $2,660 cost for $3,220 on credit to Delta Co.,invoice dated February 23. Feb.26 The company paid cash to Lyn Addie for eight days' work at $125 per day. Feb.27 The company reimbursed Santana Rey for business automobile mileage(600 miles at $0.32 per mile) Mar.8 The company purchased $2,730 of computer supplies from Harris Office Products on credit, invoice dated March 8. Mar.9 The company received the balance due from Delta Co. for merchandise sold on February 23. Mar.11 The company paid $960 cash for minor repairs to the company's computer. Mar.16 The company received $5,260 cash from Dream,Inc.,for computing services provided. Mar.19 The company paid the full amount due to Harris Office Products, consisting of amounts created on December 15 (of $1,100) and March 8. Mar.24 The company billed Easy Leasing for $9,047 of computing service provided. Mar.25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat Service, invoice dated March 25. Mar.30 The company sold merchandise with a $1,048 cost for $2,220 on credit to IFM Company,invoice dated March 30. Mar.31 The company reimbursed Santana Rey for business automobile mileage (400 miles at $0.32 per mile). The following additional facts are available for preparing adjustments on March 31 prior to financial statement preparation: a. The March 31 amount of computer supplies still available totals $2,005. b. Three more months have expired since the company purchased its annual insurance policy at a $2,220 cost for 12 months of coverage. c. Lyn Addie has not been paid for seven days of work at the rate of $125 per day. d. Three months have passed since any prepaid rent has been transferred to expense. The monthly rent expense is $825. e. Depreciation on the computer equipment for January 1 through March 31 is $1,250. f. Depreciation on the office equipment for January 1 through March 31 is $400. g. The March 31 amount of merchandise inventory still available totals $704. Required: 1.Prepare journal entries to record each of the January through March transactions. 2.Post the journal entries in part 1 to the accounts in the company's general ledger. (Note: Begin with the ledger's post-closing adjusted balances as of December 31,2011.) 3. Prepare a partial work sheet consisting of the first six columns that includes the unadjusted trial balance, the March 31 adjustments(a) through(g) and the adjusted trial balance. Do not prepare closing entries and do not journalize the adjustments or post them to the ledger. 4. Prepare an income statement ( from the adjusted trial balance in part 3) for the three months ended March 31,2012. Use a single-step format. List all expenses without differentiating between selling expenses and general and administrative expenses. 5. Prepare a statement of owner's equity(from the adjusted trial balance in part 3) for the three months ended March31,2012. 6. Prepare a classified balance sheet(from the adjusted trial balance) as of March 31,2012.
Question 2
please see attachment: multiple choice questions Acme, Inc. had overhead of $310,000 during the year when $260,000 in labor costs were incurred. Estimates at the start of the year for overhead and labor costs were $300,000 for overhead and $250,000 for labor costs. The predetermined overhead rate would be: 101.67% 104.00% 120.00% 83.33% Albany Industries produces two products. Information about the products is as follows: Product 1 Product 2 Units sold & produced 4,000 10,000 selling price per unit $15 $13 variable cost per unit 9 8 The company's fixed costs totaled $70,000, of which $15,000 can be directly traced to Product 1 and $40,000 can be directly traced to Product 2. The effect on the firm's profits if Product 2 is dropped would be a: $10,000 increase. $35,000 increase. $35,000 decrease. $10,000 decrease. The theory of constraints focuses on maximizing throughput contribution margin while minimizing all of the following except: selling expenses per unit sold. production bottlenecks. investment in buildings. investment in inventories. Which of the following statements is (are) true regarding product costing? (A) Individual product costs are relevant for managerial decision-making but irrelevant for preparing the financial statements. (B) A common decision facing managers is determining the price at which to sell their product or provide their services. Only A is true. Only B is true. Both A and B are true. Neither A nor B is true. Agreement among business competitors to set prices at a particular level is known as: predatory pricing. target pricing. peak-load pricing. price fixing. Chetek Industries manufactures 15,000 components per year. The manufacturing cost of the components was determined to be as follows: Direct Materials $150,000 Direct Labor $240,000 Variable Manufacturing overhead $90,000 Fixed Manufacturing overhead $120,000 TOTAL $600,000 Assume that the fixed manufacturing overhead reflects the cost of Chetek's manufacturing facility. This facility cannot be used for any other purpose. An outside supplier has offered to sell the component to Chetek for $34. If Chetek Industries purchases the component from the outside supplier, the effect on income would be a: $30,000 decrease. $30,000 increase. $90,000 decrease. $90,000 increase. The loan department of a financial corporation makes loans to businesses. The costs of processing these loans are often several thousand dollars. All loans are initially evaluated using the same financial analysis software, but some require outside services such as appraisals and legal services. Which is the most appropriate costing system for the loan department? job-order costing process costing operation costing batch costing Differential costs are: (CMA adapted) the difference in total costs that result from selecting one choice instead of another. the profit foregone by selecting one choice instead of another. a cost that continues to be incurred in the absence of activity. a cost common to all choices in questions and not clearly allocable to any of them. A system that provides information about the costs of processes, products, and services used and produced by an organization is a continuous flow process. cost management system. two-stage allocation system. operation costing. The MNK Company has gathered the following information for a unit of its most popular product: direct materials $6 direct labor $3 overhead (40%) $5 cost to manufacture $14 desired markup (50%) $7 target selling price $21 The above cost information is based on 4,000 units. A foreign distributor has offered to buy 1,000 units at a price of $16 per unit. This special order would not disturb regular sales. Variable shipping and other selling expenses would be an additional $1 per unit for the special order. If the special order is accepted, MNK's operating profits will increase by: $1,000. $1,600. $2,000. $4,000. $5,000. The following direct labor information pertains to the manufacture of product Glu: time required to make one unit 2hrs number of direct workers 50 number of productive hours per week, per worker 40 weekly wages per worker $500 workers benefits treated as direct labor cost 20% of wages What is the standard direct labor cost per unit of product Glu? (CPA adapted) $30 $24 $15 $12 The Speedy Delivery Service is considering the expansion of its business into afternoon retail delivery service. This would require an additional $25,000 in labor costs per month. Company-owned vehicles now used to make morning deliveries to local manufacturers could be used in the afternoons to make retail deliveries. However, it is estimated that an additional $10,000 would be required per month for gas, oil, and maintenance. It is further estimated that the retail delivery use of the trucks would be allocated 45% of the existing $13,000 fixed vehicle costs. What is the differential delivery cost per month for expanding into the retail delivery market? $25,000 $35,000 $39,500 $40,850 For which of the following businesses would the job order cost system be appropriate? law office crude oil refinery baby formula manufacturer soft drink producer Lo-crete produces quick setting concrete mix. Production of 200,000 tons was started in April, 190,000 tons were completed. Material costs were $3,152,000 for the month while conversion costs were $591,000. There was no beginning work-in-process; the ending work-in-process was 70% complete. What is the cost of the product that remains in work-in-process? $591,000 $131,005 $187,150 $133,000 Slurpy produces soft drinks and sodas. Production of 100,000 liters was started in February, 85,000 liters were completed. Material costs were $38,220 for the month while conversion costs were $16,380. There was no beginning work-in-process; the ending work-in-process was 40% complete. What is the cost of the product that remains in work-in-process? $16,380 $51,000 $3,600 $9,000 For the past five years, the Selin Company has produced and sold frequency meters to genetics labs throughout the United States. Recently, a strong competitor has entered the market and Selin is considering whether it should continue to produce and sell the frequency meters. The following information has been gathered to assist management in their decision: A) Sales volume (units) is estimated to drop by 25% once the competitor becomes fully operational. B) The equipment used to produce the meters was purchased five-years ago for $1,500,000. C) The space now used to produce the meters would be reallocated to eliminate the need to rent warehouse space. D) Three of the employees who produce meters would be reassigned to the oscillator division. Which of the items listed above is (are) relevant to the decision to continue the production and sale of the frequency meters? A and C. B and C. C and D. A, B, and D. B, C, and D. The Regal Baking Company is considering the expansion of its business into door-to-door delivery service. This would require an additional $12,500 in labor costs per month. Company-owned vehicles now used to make morning deliveries to restaurants could be used in the afternoons to make the home deliveries. However, it is estimated that an additional $5,000 would be required per month for gas, oil, and maintenance. It is further estimated that the home delivery use of the trucks would be allocated 45% of the existing $6,500 fixed vehicle costs. What is the differential delivery cost per month for expanding into the home delivery market? $12,500 $17,500 $19,750 $20,425 The predetermined manufacturing overhead rate for the year was 140% of direct labor cost; employees were paid $17.50 per hour. If the estimated direct labor hours were 15,000, what was the estimated manufacturing overhead? $210,000 $187,500 $262,500 $367,500 A target cost is computed as: cost to manufacture plus a desired markup. cost to manufacture plus designated selling expenses. market willingness to pay minus cost to manufacture. market willingness to pay minus desired profit. In the cost equation TC = F + VX, X is best described as the: costs that do not vary with changes in the activity level. costs that do vary with changes in the activity level. total cost estimate at a particular activity level. activity level used to estimate the total cost. The Shapely Company uses the high-low method to determine its cost equation. The following information was gathered for the past year: machine hours direct labor cost busiest month, june 14,000 $200,000 slowest month, dec. 6,000 $120,000 If Shapely expects to use 10,000 machine hours next month, what are the estimated direct labor costs? $160,000 $180,000 $175,000 $150,000 The Shapely Company uses the high-low method to determine its cost equation. The following information was gathered for the past year: machine hours direct labor cost busiest month, june 14,000 $200,000 slowest month, dec. 6,000 $120,000 What are the direct labor costs per machine hour? $20.00 $16.00 $14.29 $10.00 Hagler's Toupees has the following machine hours and production costs for the last six months of last year: month machine hours production cost july 15,000 $12,075 aug 13,500 10,800 sept 11,500 9,580 oct 15,500 12,080 nov 14,800 11,692 dec 12,100 9,922 If Hagler expects to incur 14,000 machine hours in January, what will be the estimated total production cost using the high-low method? (Round your intermediate calculations to 3 decimal places and final answer to 1 decimal place.) $8,750.00 $11,142.50 $22,400.00 $10,889.10 A cost driver is defined as: (CMA adapted) the largest cost in a manufacturing process. a fixed cost that cannot be avoided. the significant factor in developing a new product. an indirect cost that cannot be traced to a particular cost objective but is essential to the business. a causal factor that increases the total cost of a cost objective. Which of the following statements is (are) true regarding cost behaviors? (A) In general, accounting records accumulate cost information according to its behavior. (B) Cost behaviors are the most important consideration in managerial decision making. only A is true. only B is true. Both A and B are true. Neither A nor B is true. The term "relevant range" as used in cost accounting means the range over which: relevant costs are incurred. costs may fluctuate. cost relationships are valid. cost data is available. Engineering cost estimates are usually based on operating conditions that are considered: optimal. practical. attainable. historical. realistic. The cost accountants at the Doering Company regressed total overhead costs and direct labor hours for the past 30-months and reported the following results: slope= $41.27 intercept= $596.36 correlation coefficient= .934 What is the estimated overhead cost if 225 direct labor hours are expected to be used in the upcoming period? (rounded to the nearest whole dollar) $10,534 $9,882 $9,230 $8,617 In the standard regression equation of y = a + bx, the letter a is best described as the: independent variable. dependent variable. slope of the equation. intercept of the equation.
Question 3
Hi professor I have 25 Question about bond .. I attched u only the Questions so u can look at then I will send you the case 50 pages ... but it is 14 pages about bond and 20 pages about captlization and risk factor .. Please look at the Qs and tell me if u can do it or not if u say yes I will try to scan all 50 pagea and send it to u Thanks,Please let me as soon as possible thank u in advance for your consideration,Ok ... I will try to attach later today .. thanks,Ok Sir ...Please check the attachment .. I converted to word documents please let me know as soon as possible . Thank you in advance for your consideration,Please let me know if you get the documents .... Thanks,Ok I changed it by chaning my payment .. could u please check and let me know .. please try to check and let me know soon thanks,Thank you .... And Please try to finish it as soon as possible it worth too much points in the course ... And also, Please try to explain for me each answer and indicate the the page number so I will be familiar how the answer comes ....... Thank you sir , and i dealt with you before for 8 assignments and I got good grade on them Have good day,Thank you so much,hi Sir Hope you are doing fine ... I just have some comments on the solution .. Please check the attachment ........... please replay me as soosn as possible ...... because i have to expalin for the professor how i got the answers ......... it will be due after 9 hours at 4 pm ... Thanks,Hi Sir Please Try to send me my clarification as soon as possible Thank you,I do not know, I just sent you the doc and you know better than me ... And please answers all my questions that I asked you to explain for me .... Please try to do it as soon as possible ... For Q 3 i do not know about it I just heard one student said compensation but I am not sure you know better than me ... Waiting your reply Thanks,hi Sir I am really waiting ... I just want you to explain me some Questions .. I do not think so. it will take long time from you .... Please try to answer my Qs .. i am ur customer and paid the amount you asked for .. So please take care of my Qs . Thanks,Sir It is really long long time waiting for you ,,, For one day u have not answer my clarification .. If u did the answer so it is easy to explain for me it will take 5 mints from you not one day ... Please explain for me the answer ... If u will be late there is not benefits .... And could u please retuen some money to me ... Because u have not complete ur work .. u gave me answer and u did not tell me how did u get the answer .. is hard fo u to tell how did u get it ? I am really surprise from your dealting with me !!!! The first time i see one take one day to explain his answer Please I waited long time but u have not answered or ignored me,It is really not professional dealing .... I am waiting for one day to your explain how did u get the answer ... I paid you what u asked for but u have not tell me the answers ..
Question 4
A partnership began its first year of operations with the following capital balances: Young, Capital: $143,000 Eaton, Capital: $104,000 Thurman, Capital: $143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 with $13,000 salary assigned to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. Each partner withdrew $13,000 per year. Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year. 26. What was Young's total share of net loss for the first year? A. $3,900 loss. B. $11,700 loss. C. $10,400 loss. D. $24,700 loss. E. $9,100 loss. AACSB: Analytic AICPA FN: Measurement Bloom's: Application Difficulty: Medium Learning Objective: 09-06 Allocate income to partners when interest and/or salary factors are included. 27. What was Eaton's total share of net loss for the first year? A. $3,900 loss. B. $11,700 loss. C. $10,400 loss. D. $24,700 loss. E. $9,100 loss. AACSB: Analytic AICPA FN: Measurement Bloom's: Application Difficulty: Medium Learning Objective: 09-06 Allocate income to partners when interest and/or salary factors are included. 28. What was Thurman's total share of net loss for the first year? A. $3,900 loss. B. $11,700 loss. C. $10,400 loss. D. $24,700 loss. E. $9,100 loss. AACSB: Analytic AICPA FN: Measurement Bloom's: Application Difficulty: Medium Learning Objective: 09-06 Allocate income to partners when interest and/or salary factors are included. 29. What was the balance in Young's Capital account at the end of the first year? A. $120,900. B. $118,300. C. $126,100. D. $80,600. E. $111,500.
Question 5
write a minimum 2 page/max 4 page 12 font double spaced essay. Topic: Job sites from an applicant perspective. Task:Research three job sites,examples: Monster Job, Career Builder, USA Jobs, etc. List the requirements for using the site (how will an applicant search for, find and apply for a job through each of the three job websites you research). Choose one/different job occupation for each of the three-job sites examples: Information Technology, Medical, Banking, or Sales etc. How many jobs in your chosen job occupation does each of the sites offer? When looking for a job, what are some of the considerations an applicant would take during a job search (income, future advancement, time frames etc.)? How would an applicant submit their resume or additional documents to the job agency? What are the next steps or considerations after submitting a job application? What was your experience with the job website. Is there room for improvement? APA format,Thanks!,OK Thanks!,This does not tell how to go through and apply for different jobs you have to pick a different job from each give and go step by step how to apply for that particular job and give the How many jobs in your chosen job occupation does each of the sites offer? When looking for a job, what are some of the considerations an applicant would take during a job search (income, future advancement, time frames etc.)? How would an applicant submit their resume or additional documents to the job agency? What are the next steps or considerations after submitting a job application? What was your experience with the job website. Is there room for improvement?,Thanks!
